White & Case advises Bank Leumi on landmark US$1 billion Tier 2 bonds and US$1 billion senior bonds issuances

Global law firm White & Case LLP has advised Bank Leumi le-Israel B.M. (Bank Leumi), Israel's largest bank by assets and market capitalisation, on two landmark capital markets transactions - its issuance of US$1 billion Tier 2 contingent convertible bonds, which were priced at the lowest interest spread ever achieved by an Israeli bank, and its dual-tranche US$1 billion Senior Notes offering, comprising a US$600 million 3-year tranche due 2029 and a US$400 million 7-year tranche due 2033.

"These transactions represent another important step in Bank Leumi's strategy to access a broad range of funding channels and optimize its capital structure," said White & Case partner Stuart Matty, who led the Firm's deal team. "The strong investor demand and tight pricing underline global investors' confidence in Bank Leumi's credit story and the resilience of the Israeli banking sector."

The issuances attracted significant demand from international institutional investors, allowing Bank Leumi to achieve very tight pricing relative to benchmark rates. The transactions form part of ongoing efforts by leading Israeli financial institutions to diversify their funding sources and deepen access to international capital markets through regulatory capital instruments.

"Advising Bank Leumi on these issuances reflects the strong trust and cooperation we have built with our Israeli clients over many years and our commitment to supporting their key strategic international transactions," said White & Case partner Anna Soroka.

The two transactions follow a series of significant capital markets deals for Bank Leumi, including the establishment of its €3 billion Covered Bond Programme and the issuance of €750 million 3.197% covered bonds due 2031 earlier this year. This was the first-ever international offering of covered bonds by an Israeli issuer, on which White & Case also advised.

The White & Case team which advised on both transactions was led by partners Stuart Matty and Anna Soroka (both London) with support from partner Chad McCormick (Houston) and associates Ece Kuregibuyuk (London) and Thor Fielland (Houston).

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